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Bankruptcy exemption in Illinois!

Asked on Mon, 04/09/2012 - 13:42Anonymous

In the state of Illinois, personal property exemption on bankruptcy filing is of $4,000. I've two 1oz. gold bars. Could I lose them in bankruptcy filing? Again, just want to know how a bankruptcy trustee would know if I did not list them as assets?

I must tell you first that committing bankruptcy fraud is a serious federal offense and you could be prosecuted for that. I just checked the current price of gold and it's $1647.99 / oz. (spot price). Now, two ounces would value $3295.98, which is within the exemption amount. Therefore, you won't lose it in the bankruptcy filing.

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